VA insured loans are popular for many reasons. Backed by the U.S. Department of Agriculture, the mortgage & refinance options available from the USDA Rural Development Guaranteed Housing Loan Program were designed to offer financial assistance to those in rural America.
Loans for veterans wishing to purchase a home.
Refinance existing VA loans for a more favorable interest rate.
Take cash out of your equity with this refinance option.
Led by the Secretary of Veterans Affairs, the United States Department of Veterans Affairs, also known as the VA as a shorthand, is a federal Cabinet-level agency providing integrated life-long healthcare and other services to eligible military veterans. Besides the healthcare and mortgage assistance, the VA also offers job training/placement, educational services, disability compensation, life insurance as well as burial assistance programs. In June 2020, the VA employed 412,892 people at the hundreds of VA run clinics, facilities, benefits offices and cemeteries. The head of the Veterans Affairs Department is appointed by the President with the consent of the Senate.
Unless if applying for a direct loan from the USDA, it is important to understand that the Agriculture Department, or the government in any capacity, is not loaning you the money to buy or refinance your house with a USDA insured loan. With a USDA Insured Loan, the U.S. Department of Agriculture is putting a guarantee behind you, telling the lender that if you happen to default on your mortgage, they will receive a portion of their loan back from them. This government backing is why the requirements for a USDA loan are often less than other loan types, although individual requirements do vary by lender and on a case by case basis. You could almost think of it as the government co-signing for your home; wouldn't you be a lot more likely to lend someone 20 bucks if Uncle Sam guaranteed you'd get your money back either way?
While conventional, USDA, FHA and other loan programs may be better suited for some people depending on their situation, VA insured loans have historically, and still to this day, helped Veterans to the U.S. Armed Forces become homeowners or refinance their current mortgages. There is a reason we are proud to work with so many VA backed lending institutions. If you want to know more about if a VA backed loan is right for you and your family, please contact us anytime.
VA Purchase loans offer borrowers:
A VA-backed purchase loan often offers borrowers:
If you qualify for a VA-backed purchase loan, the money you borrow can be used for:
A borrower can also:
An IRRRL Streamline refinance offers borrowers:
A VA-backed cash-out refinance offers borrowers:
A Native American Direct Loan is for Veterans who are Native American or married to someone of Native American descent and offers borrowers:
In business for over 20 years, Coastal Funding Corporation is known for our determination to acquire as many lending partners as possible. We understand not every loan program fits every person, and on top of that, every lender has their own specific requirements, meaning the more options we have at our disposal to match you up with, the more likely you are to find not just a loan, but the right loan.
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